2018 US Code
Title 20 - Education
Chapter 28 - Higher Education Resources and Student Assistance
Subchapter IV - Student Assistance
Part E - Federal Perkins Loans
Sec. 1087ff - Distribution of assets from student loan funds

Beginning October 1, 2017, there shall be a capital distribution of the balance of the student loan fund established under this part by each institution of higher education as follows:

Beginning October 1, 2017, each institution with which the Secretary has made an agreement under this part, shall pay to the Secretary the same proportionate share of amounts received by this institution after September 30, 2017, in payment of principal and interest on student loans made from the student loan fund established pursuant to such agreement (which amount shall be determined after deduction of any costs of litigation incurred in collection of the principal or interest on loans from the fund and not already reimbursed from the fund or from such payments of principal or interest), as was determined for the Secretary under subsection (a).

(1) Upon a finding by the institution or the Secretary prior to October 1, 2017, that the liquid assets of a student loan fund established pursuant to an agreement under this part exceed the amount required for loans or otherwise in the foreseeable future, and upon notice to such institution or to the Secretary, as the case may be, there shall be, subject to such limitations as may be included in regulations of the Secretary or in such agreement, a capital distribution from such fund. Such capital distribution shall be made as follows:

(2) No finding that the liquid assets of a student loan fund established under this part exceed the amount required under paragraph (1) may be made prior to a date which is 2 years after the date on which the institution of higher education received the funds from such institution's allocation under section 1087bb of this title.

(Pub. L. 89–329, title IV, §466, as added Pub. L. 99–498, title IV, §405(a), Oct. 17, 1986, 100 Stat. 1453; amended Pub. L. 102–325, title IV, §466, July 23, 1992, 106 Stat. 584; Pub. L. 103–208, §2(f)(15), Dec. 20, 1993, 107 Stat. 2471; Pub. L. 105–244, title IV, §466, Oct. 7, 1998, 112 Stat. 1728; Pub. L. 110–84, title V, §501, Sept. 27, 2007, 121 Stat. 801; Pub. L. 114–105, §2(b), Dec. 18, 2015, 129 Stat. 2220.)

A prior section 1087ff, Pub. L. 89–329, title IV, §466, as added Pub. L. 92–318, title I, §137(b), June 23, 1972, 86 Stat. 278; amended Pub. L. 94–482, title I, §130(h), Oct. 12, 1976, 90 Stat. 2147; Pub. L. 96–374, title IV, §442(c), title XIII, §1391(a)(1), Oct. 3, 1980, 94 Stat. 1440, 1503, related to distribution of assets from student loan funds, prior to the general revision of this part by Pub. L. 99–498.

2015—Subsec. (a). Pub. L. 114–105, §2(b)(1)(A), substituted "Beginning October 1, 2017" for "After September 30, 2003, and not later than March 31, 2004" in introductory provisions.

Subsec. (a)(1). Pub. L. 114–105, §2(b)(1)(B), substituted "September 30, 2017" for "September 30, 2003".

Subsec. (b). Pub. L. 114–105, §2(b)(2), substituted "Beginning October 1, 2017" for "After October 1, 2012" and "September 30, 2017" for "September 30, 2003".

Subsec. (c)(1). Pub. L. 114–105, §2(b)(3), substituted "October 1, 2017" for "October 1, 2004" in introductory provisions.

2007—Subsec. (b). Pub. L. 110–84 substituted "October 1, 2012" for "March 31, 2012".

1998—Subsec. (a). Pub. L. 105–244, §466(1)(A), in introductory provisions, substituted "2003" for "1996" and "2004" for "1997".

Subsec. (a)(1). Pub. L. 105–244, §466(1)(B), substituted "2003" for "1996".

Subsec. (b). Pub. L. 105–244, §466(2), substituted "2012" for "2005" and "2003" for "1996".

Subsec. (c)(1). Pub. L. 105–244, §466(3), substituted "2004" for "1997" in introductory provisions.

1993—Subsec. (c)(2). Pub. L. 103–208 realigned margin.

1992—Subsec. (b). Pub. L. 102–325, §466(1), substituted "2005" for "1997".

Subsec. (c). Pub. L. 102–325, §466(2), designated existing provisions as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, and added par. (2).

Amendment by Pub. L. 110–84 effective Oct. 1, 2007, see section 1(c) of Pub. L. 110–84, set out as a note under section 1070a of this title.

Amendment by Pub. L. 105–244 effective Oct. 1, 1998, except as otherwise provided in Pub. L. 105–244, see section 3 of Pub. L. 105–244, set out as a note under section 1001 of this title.

Amendment by Pub. L. 103–208 effective as if included in the Higher Education Amendments of 1992, Pub. L. 102–325, except as otherwise provided, see section 5(a) of Pub. L. 103–208, set out as a note under section 1051 of this title.